Hạ Long Bay, 2016
Hello Fintech Friends,
Two more great fintech events in the books this week! First, Osborne hosted our first fintech Delhi meetup of the year, then Cristina and the Community team hosted our spring meetup in New York.
If you're based in India, come join us next Thursday in Mumbai -
Please find another week of fintech exits and deep reads below.
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☯️ Exits
🤝 M&A - Fintech
Irish private equity firm VentureWaveacquired a majority stake in blockchain-based angel investing platform Funderbeam for €40 million.
E-commerce marketplace builder Shopify is selling off its Shopify Logistics arm (built on top of its 6 River Systems acquisition) to end-to-end logistics software Flexport.
Following its latest fundraise of $35 million, cash-flow based consumer credit card company Petal sold off its credit-scoring-as-a-service data unit Prism as a standalone company.
Global neobank Revolut is reportedly eyeing an acquisition in the buy-now-pay-later space.
Ant Group is reportedly talking to investors about selling a stake in its Hong Kong virtual bank.
Investment firm Prosus is working withBank of America to explore a sale of the non-Indian fintech assets of its payments portfolio company PayU for up to $800 million.
🏦 M&A - Bank and FinServ
Global bank HSBC reached a deal to buy out its China investment joint venture.
Citibank is nearing a deal to sell off 90% of its Mexican retail banking unit, Banamex, to conglomerate Grupo Mexico for $7 billion.
Investment bank and financial services group Canaccord hit a regulatory stumbling block in the proposed plan for its senior executives to buy it out.
Regulatory concerns were also behind the abandoned $13.4 billion merger of Canada’s Toronto-Dominion Bank and First Horizon, as regulators raised concerns about TD’s anti-money laundering systems.
Two views of bank failures
2.11% of bank assets v. 2.71% WAMU
$548B of bank assets v. $307B WAMU https://t.co/NnSZ5oc7Qc pic.twitter.com/LMVNe1XKhL— Mercedes Bent (@mercebent) May 7, 2023
If you've been following fintech for a while, @julieverhage needs no introduction.
Bloomberg's 1st fintech reporter and co-founder of Fintech Today, Julie co-hosts Beyond 2%, a podcast on the intersections of gender issues & finance.
Listen to Beyond 2%: https://t.co/FOXBkwPhJx pic.twitter.com/GtTKiYTaG4— This Week in Fintech (@twifintech) May 9, 2023
This week for the Builders Series, we highlight @cccardin, co-founder at @Aura_Financeapp!
Courtney works is a co-founder, certified money coach, and former lawyer on a mission to make the financial system more inclusive. pic.twitter.com/sdHxA57l6f— This Week in Fintech (@twifintech) May 10, 2023
🌎 Fintech Around the World
📚 Deeper Reads & Features
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